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Tech companies are a dime a dozen in the Puget Sound region and many have more than 100 employees but only one has plans to add an additional 100,000 jobs by 2018. Amazon has plans to increase its workforce by 30% by mid-2018. Jeff Bezos, Amazon CEO, says that although plans are to increase jobs, many may be outside of Washington state. That doesn’t seem to make a difference, though, because the company has tripled its workforce since 2013 and it’s now the largest tech employer in Washington state and one of the top 5 employers in the Washington.

Amazon is not the only tech giant in the Puget Sound area. Oracle, Intel, and Microsoft are other major players that are constantly creating jobs in Washington state. These are just a few of the dozens of companies attracting tech workers to our state.

Many of those in the tech industry feel that coming to the Seattle area is a once-in-a-lifetime job opportunity. With the quality of our school systems, beautiful landscape and a healthy combination of sports and performance arts, many feel that Seattle has a lot to offer both employers and their families.

Here’s a breakdown of some of the top employers in Washington state: (employee figures are those in Washington State even though there many be more employees in the company outside the state.

It’s no secret that the Seattle tech industry is growing at a historic rate. Tech is changing and driving change rapidly. Cloud computing has increased dramatically in the cloud industry has shed nearly 90,000 jobs is companies shift focus to cloud-based computing. Cloud computing has been valued at $148 billion in 2016 and it’s growing about 25% annually. Last year, Amazon have more openings in Washington than any other industry statewide. Regardless of this cloud-based technology, there is still a need for skilled tech workers throughout the Puget Sound region. The need has grown in the last 10 years exponentially. World wide comparison shows Seattle as one of the highest hiring employers in the world. The only city the tiring more is the San Francisco bay area. Research by hired.com, found that Seattle companies offer non-local job candidates higher compensation than locally based candidates.

People are moving here. This is not a small-time industry and people from all over the world are finding their tech position in Seattle. For more information on these industries or companies or if you would like details on housing and real estate near any of these headquarters, contact Mary Pong today.

Amazon paid $19.2 million for two adjacent properties in the Denny Triangle neighborhood with potential plans of building a fifth downtown high-rise tower. These two properties take up one-half block on the west side of seventh Avenue between Blanchard and Bell Street. This location is where Amazon’s first tower, known as either the Doppler or Amazon Tower I, was completed June, 2015 and is the corporate headquarters of Amazon.com. The three tower campus that Amazon has developed in the Denny Triangle currently houses over 3800 employees.

This site was once proposed as a 31 story mixed-use high-rise but was canceled in 2012 after being put on hold for over four years. Now, Amazon has plans for a fifth building in the same area. Currently, the site is a vacant motel and the offices of Pronto, the city’s bicycle sharing program.

Although Amazon has not completely confirmed plans for the property, and only records don’t show any proposals yet, Amazon already has plans for a fourth building on a neighboring block and time will tell if a fifth is destined for this location.

The city zoning allows nonresidential towers up to 340 feet for this particular block. Currently, Amazon employs over 35,000 people in Washington state alone, not including seasonal workers. Most of these employees are in the Seattle area but the companies worldwide headcount tops over 300,000 people.

Amazon paid over $207 million for three full blocks for years ago in the same area. It is not surprising that Amazon has acquired this location as well. It is projected that Amazon will continue to expand their high-rise campus as plans for expanding their third tower in the area will begin this fall. Plans for a fourth block at 2200 seventh Avenue is already underway with a 24-story tower and eight-story building at this location. Currently, the nonprofit Mary’s Place, which houses homeless women and their families, will be moved across the street to the seventh Avenue hotel once construction is underway.

For more information on condominiums, apartments or homes close to the developing towers of Amazon or anywhere in the Seattle area or Eastside contact Mary Pong today.

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Selling a home can be stressful. Will I sell the home at asking price? Will I find buyers quickly? Will the transaction go smoothly? While maybe the answers to those questions are not known, one thing is certain, there are several things you can do before selling to increase your home value. Here are 5 tips…

Make Space

Buyers like uncrowded homes that flow well. Therefore, remove things like a kitchen island or unneeded furniture, for example. Large, uncrowded spaces and open floors, compared to crowded rooms, will definitely attract potential buyers more and increase the value of the home. The good thing is that these small transformations are simple and easy to do.

Invest in Lighting

Professional lighting not only creates a sense that the house is worth more but also creates a warm, welcoming mood when the potential buyers are visiting the house. Besides professional lighting, another important thing is to use lighting products that enhance the natural light in each room. From light pipes to sun scoops and tubular skylights, anything can help in creating a better ambient. In order to achieve the best effect, contact your local lighting experts. Again this is a really small investment compared to the effect it can have on the price.

Don’t Overlook Plumbing, Maintenance, and Care

If you plan to upgrade the kitchen, bathroom or do any other renovations, don’t forget to check or upgrade the plumbing, furnaces, gutters, inspect the septic system and even weed the flower beds. If the installation of a new system is needed, do it. Plumbing is one of the crucial parameters that need to be checked. While new plumbing usually won’t increase the value, 9 out of 10 homes being sold have a plumbing need of some sort, so don’t overlook preventative maintenance. Einstein Plumbing and Heating can help with your repairs or upgrades.

Work a Lot in Redesigning the Front Door

If the maintenance is good, then you can fix a few small details that widely influence the buying decision and the price. Experts say that the value and buying decision of the home are strongly influenced by the look of the front door and the homes curb appeal. One of the crucial, must-have, parts you must not forget to install in your home is the awning. It is a known fact that anyone would like to have a place to get out of the snow, rain or sun as they are entering their home. These kind of exterior upgrades are not that expensive compared to the value they can give.

Floor Materials Are Extremely Important

Potential buyers entering your home notice the floors. Nobody wants to check out a house that has an old kitchen floor, living room with damaged carpet or floor boards that are less than ideal. With an investment of a few hundred dollars, the value of the home can increase of up to $3k by installing new, sturdy and quality flooring in your rooms. Flooring increases your chances of a quick and positive buying experience.

Predictions state the Seattle will have the fastest rising rents in the nation in 2017

According to a recent Zillow forecast, rents for apartment buildings are rising faster in Seattle than anywhere else in the country. According to predictions, this is set to continue throughout the next 12 months.

Predictions also state that rents will not only rise in-city but in surrounding lower cost suburban market such as Burien, Shoreline, Renton, and Kent. Many investors have been preparing for this by buying of apartment buildings in outlying areas for the last two years. Demand is rising as renters move in after they are priced out of the downtown Seattle area.
Statistics show that between August 2015 and August 2016, Seattle area rents rose 9.7% and was one of the nation’s highest increases. Over 2017, Seattle is set to remain the highest even though the increase forecast shows a lower percentage of just 7.2%. Currently, the median rent in Seattle is about $2067.

Just because our rents are increasing at a faster rate than any other major metropolitan city doesn’t mean we are the highest. The San Francisco bay area still remains as one of the most expensive markets in the country. Rents for the San Jose area are approximately $3500 a month and in San Francisco median rent tops out at $3400 per month. Even though this is quite high, forecasts show that it will only rise about 4.9% in San Francisco and 4.5% in San Jose in 2017.

Portland also comes in as one of the nation’s second hottest markets and will continue to do so throughout 2017. The median rent is currently $1777, which is 7.4% higher than last year at this time. Zillow will forecast that rents in Portland will increase about 6% over the next year.

To put this into some perspective, the median rent across the country only appreciate about 1.7% per year.

Zillow predicts that rents will rise the fastest in Shoreline at nearly 18.5%. Other places like Burien and Renton will see increases of about 11% to 14%.

Eastside’s premier neighborhood, Medina, is also on the list with a projected increase of nearly 14% over the next 12 months. However, low rent is not what attracts people to this upscale community, where the median rent is currently about $8500 per month.

For more information on the real estate market in these outlying areas or to get ahead of the game by investing in properties in these hot markets or finding homes in other outlying areas contact Mary Pong today. The website features all current and active listings from Seattle and the east side.

British Columbia is considering adding a 15% real estate tax on the sale of all Vancouver area homes to foreign nationals and those purchasing from overseas. This naturally forces foreign buyers to look elsewhere and Seattle is the closest major city to Vancouver BC.

There’s no question that this tax increase would force more foreign buyers out of the Vancouver area but many did know exactly how extreme this migration would be. The national Chinese real estate website Juwai.com had a 143% increase in buyers looking in the Seattle region versus the Vancouver region from August 2015 to August 2016. Sales of homes in Vancouver drop nearly 45% in August and home prices fell nearly 17%. This was the sharpest monthly decline in nearly 40 years. New listings were also down over 18% from July 2015.

British Columbia’s government implemented the tax in order to combat speculation among foreign buyers that is fueling a surge in home prices. Sale prices in Vancouver were drastically on the incline up 30% annually before this tax went into effect on August 2, 2016. Comparatively, home prices in Seattle only rose 15% year-over-year.

Currently, it’s difficult to speculate if this tax increase will sustain the market or cause a serious housing drop. Many economists feel that the new tax will eventually get priced into the market over time, however, in the meantime, Seattle home sellers are set to benefit greatly. This is even more likely so for those in the high-end market. Juwai.com found that many of the inquiries to Vancouver homes were concentrated in the high-end or luxury market. Many Seattle economists feel that that wealth will now be transferred to the Seattle market. We are already seeing the effects of this has some of the highest priced and most recent sales were to Chinese buyers for waterfront homes and equestrian estates in Kirkland and Bellevue. Currently, foreign buyers already make up half of the luxury home sales in many parts of Seattle’s Eastside neighborhood.

The U.S. News & World Report recently came out with the rankings of the top high schools in the country and the Puget Sound had 19 on this last. Schools are ranked based on how well he prepare students for college and how academically students do on tests. The Puget Sound area high schools are helping to prepare for the region’s workforce and tens of thousands of new jobs created each year. The Puget Sound area is booming with new tech industry opportunities every year including the expansion of Expedia, Amazon, and other Seattle-based industries. [Source]

Currently, all region imports the vast majority of employers from outside the area. This may help local students to find good jobs right here in our state.

The Washington state legislature is under a state Supreme Court mandate to fund education and they have vowed to take action in 2017. This could result in an increase in taxes. Current increases in taxes are now going towards voted upon public transportation system but many feel that education should really be the focus.

Top 10 schools that made the list in the Puget Sound region.

Aviation High school – Tukwila – gold medal awarded with a 90% graduation rate and 78.6 college readiness. Ranked #1 in Washington rankings.
Newport Senior high school – Bellevue – gold medal awarded with a 95% graduation rate and 74.5 college readiness
International Community school – Kirkland – Gold medal awarded with a 90% graduation rate and a 72.1 college readiness.
Bellevue high school – Bellevue – 91% graduation rate and 70.1 college readiness
Bainbridge high school – Bainbridge Island – 93% graduation rate and 65.2 college readiness
Roosevelt high school – Seattle – 90% graduation rate and 62.3 college readiness
Garfield high school – Seattle – 87% graduation rate and 54.3 college readiness
Mercer Island high school – 90% graduation rate and 50.9 college readiness
Ingraham high school – Seattle – 76% graduation rate and 50 point for college readiness
Shorecrest high school – Shoreline – 87% graduation rate and 46 college readiness

These are the top 10 best academic schools in the Puget Sound region. If you’re looking to find a home within one of these school zones contact Mary Pong today.

Even though we are about 7 years away from its launch, the East Link Rail Service is already drawing major companies to the Bellevue area. Most companies are well aware of the projected addition according to Bellevue’s Economic Development Director James Henderson. These companies are not only well aware but want to be close to the stations.

Amazon and Apple both have suggested plans to expand to the Eastside and the light rail will ease the traffic and make it easier for employees to travel between offices or from home to work.

The East Link is the Puget Sound’s most expansive construction project and the impact will be felt in Bellevue more than anywhere. Although it’s been 8 years since voters approved the extension, crews are just beginning the $3.7 billion project.

The new line is expected to open in 2023, which will no doubt build long-term anticipation. When complete, a trip from Bellevue to Seattle along the line will take just 20 minutes. To Microsoft’s campus near the eastern terminus will take less than 10 minutes.

The Bel-Red Corridor is the area that will change the most. Currently, Wright Runstad & Co. is building the $2.3 billion office and residential complex in Spring District. There will be a light-rail station on the edge of this neighborhood. REI has been negotiating with the development company to purchase 8 acres for a new headquarters here as well. GIX, the Global Innovation Exchange, will also be in Spring District allowing only a 7-minute ride from the Microsoft headquarters.

Even though the end result will be well worth the wait, the construction time and mess is not something anyone is looking forward too. Crews are already working on plans for a tunnel that will stretch about 1.3 miles under downtown along 112th Ave SE. The South Bellevue Park and Ride will be closed during construction, which could complicate commuters requirements. In less than a year, heavy work will be underway and there’s no denying it could greatly affect traffic, homeowners, and businesses. Everyone knows and understands there will be frustrations but voters approved the line by a wide margin. Many people feel that when complete, it will greatly improve overall access for downtown businesses. In some ways, it may even unite the tech industries of the Puget Sound region.

6.2 miles of the East Link will run through Bellevue and only about half will be at street level. This alone may mean less disruption. Most of the line will run on aerial structures and a downtown tunnel.

What commuters and homeowners should know

Commuters to the area can expect extra traffic along the 112 Avenue Southeast of SE. 15th St. The 2500 employees at the Bellefield office Park along 112th, may also be affected. The north end of the Bel-Red corridor is likely to be the most affected, particularly for the businesses around NE. Spring Blvd. and 136th Pl. NE. All in all, there are approximately 85 businesses directly adjacent to the light rail alignment. The agency is working with these businesses to prepare them for the impacts that the construction may have. To combat additional dust and mess, sound transit will have a street sweeper and offer businesses car wash vouchers and window washing services. Sound transit has even offered to provide white noise machines and ear plugs to business owners and employees upon request.

For more information on the East Link Rail Service stay tuned to our blog and for homes and real estate around the Bellevue area or if you’re looking to sell your home Contact Mary Pong today.

The real estate industry is buzzing with rumors that Apple may be purchasing a large office space in Seattle. Apple recently invested $200 million on Turi, a Seattle startup company focusing on machine learning enterprise founded by a computer science professor at the University of Washington.

Rumor has it that the location could be several hundred thousand square feet, which would create a large footprint in the Seattle area. Geekwire has been told by Apple that they may be also considering space in downtown Bellevue as well, possibly the Centre 425 building, currently under construction. Based on logistics, each employee could occupy a space of 150-250 square feet, which, given the size of this office building alone could mean an additional 1400-2300 jobs and employees.

At this point, Apple and affiliates have declined to comment on the affirmation of these moves but Apple already has quite a presence in Seattle, even though it’s main headquarters is in Cupertino California. Apple leased one floor and part of another building at the Two Union Square office in downtown Seattle last year and spent several months building a small team in a temp office in the Ballard area. Back in 2014, Apple acquired Union Bay Networks, another Seattle start-up.

Bellevue would greatly benefit from the move as they have been facing possible office vacancies in the near future. For instance: Expedia will be leaving Bellevue for Seattle in 2019 as well as possible moves for Google, Snapchat and Facebook into the Seattle area.

As far as additional office projects, The 929 Office Tower and the Lincoln Square expansion are currently under construction with companies such as Salesforce and Valve planning to take up the majority of these buildings. In Seattle, there are several larger spaces available or currently under construction.

All this to say, home prices and condo prices in these projected areas are likely to rise. Buyers would benefit from finding and purchasing housing now, before price increase dramatically due to the need. For more information, Contact Mary Pong today for a complete list of homes and properties in desireable neighborhoods.

Amazon’s Real estate director said in 2014 that by 2019, the company would occupy 10 million square feet of office space. But that number has since grown to over 12 million square feet by 2022, which is the same amount of space as 8 of our Columbia Towers, Seattle’s tallest skyscraper.

Amazon, which first operated out of Jeff Bezos’ garage in Bellevue in 1994 has grown to occupy over 8.5 million ft.² in the Seattle area alone. In late 2016, Amazon is scheduled to start construction on the third of three towers that Amazon will develop in Seattle’s Denny Triangle. Simultaneously, construction will continue on Amazon’s South Lake Union buildings the company has been leasing. Amazingly, 12 million ft.² equals around a third of all existing office space in downtown Seattle including space around South Lake Union and the Denny Triangle. According to a recent Geekwire report, Amazon makes up 42% of the best in class space in these key Seattle areas.

To put this into perspective, Microsoft covers over 14.7 million ft.² of office space across the Puget Sound equal to 16% of all classes of existing office space in the region and 29% of the best in class space.

Combining all of the total existing space and the square footage that is currently being built out, it will boost more than 9,300,000 ft.² of office space throughout the Puget Sound. This does not include the two buildings that the company is planning to develop further in the future on a fourth Denny Triangle block. This will bring the total to over 10 million ft.². Amazon has options for more land and office space in the Denny Triangle to build additional office spaces and they currently have the first right of refusal for several spots in this prominent Seattle location.

Because of this growth, condominiums and townhomes are selling at phenomenal rates. Multiple offers and overpriced bids are commonplace in these popular neighborhoods within walking distance or a short distance to several Amazon offices.

The key to nabbing one of these amazing homes is a real estate agent that not only knows the market but the buyers and sellers of the area. Competing with other buyer’s agents and coming in ahead of the competition is what Mary Pong does best. If you’re looking for a home, condo or townhome near any of the Amazon offices or future offices, contact Mary Today. Her expertise, knowledge, and commitment help her buyers get the home they really want.

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Seattle’s mass transit line offers ease of commute but homeowners and buyers are feeling the pressure. Homes tend to cost more around the Puget Sound’s massive transit expansion, especially near stations.

Seattle has been expanding the transit line for years throughout the region but if you want to live with the convenience of hopping on the train to work, it may cost extra. A local research firm calculated the data from the median cost of a home near a Link lite rail station and compared it with the median cost of a home elsewhere in the area. Results unequivocally showed that homes near stations paid thousands more simply due to the fact that they are closer.

The station at Capitol Hill showed that homes were selling $35,000 more than similar homes, not close to the station. The same goes for the Beacon Hill station coming in at over $60,000 more and Pioneer Square boosted an impressive $78,000 more for similar homes not close to a station.

New stations are popping up on the Eastside as well and homes are already selling higher simply because of the fact that a station will be built. Prices are roughly $50,000-$75,000 higher near projected stations around Bellevue.

As traffic increases, demands for homes near stations will also increase, raising prices even more. With millennials looking to ditch their cars for a more economical and environmentally friendly alternative, these prices will continue to rise and demand will be even greater.

People may want to live farther out of the city but living near stations may negate the savings of not living in the city. While many outsiders want to avoid traffic and use mass transit, they may be paying the price somewhere regardless of where they “think” they are saving money.

One of the most significant expansions will be on the November ballot, which, if approved, could produce dozens of new stations of the next 25 years, “generating nearby housing that could allow more people priced out of expensive areas to live farther away and ride the train to work.”[Source]

Cities are already planning for stations and transit villages near them over the next 10 years and prices are already affecting this. Expansions are in the works from West Seattle to Ballard, Issaquah to Tacoma and Everett.

However, there is great news for land and homeowners already near a station or projected station; higher selling prices and better values for their existing properties. Also, Seattle hasn’t seen the same added cost premium as other cities for homes along the rail line. So far, our train line is not as useful as other places with larger and more expansive lines. That should dramatically change over the next two decades.

For now, most of the increase is in the Seattle central area but prices in outlying areas like Lynnwood and Kent should start to catch up in the next 10 years. But, for those looking ahead, buying in these areas now is probably one of the surest bets you can make.